Tola Capital
North AmericaUnclaimedAt a Glance
- Check Size
- $1M – $15M
- Stage
- Seed, Series A, Series B+
- AUM
- $688M raised across three funds (Nov 2023)
- Sectors
- AI, Enterprise, SaaS +2
- Founded
- 2010
- HQ
- Seattle, WA
About Tola Capital
Tola Capital backs companies building software for large organizations, with a stated preference for the layer of AI that enterprises actually deploy: applications, governance, security and data infrastructure, rather than foundation models themselves. The firm organizes its work around five themes: AI, data infrastructure, security, developer tools and the future of work.
The firm was started in 2010 by Sheila Gulati and Stacey Giard, both former Microsoft managers. Gulati led enterprise IT strategy at Microsoft, helped launch the Azure cloud platform, and earlier ran database and developer tools businesses there. That operating background shapes the firm's pitch to founders: a team that has sold software to the enterprise buyers its portfolio companies are trying to reach.
Tola's third fund, Tola Capital III, LP, closed at $230 million on November 29, 2023, bringing total capital raised to $688 million. The fund plans 25 to 30 investments globally. Seed checks average $1 million to $4 million; Series A and Series B checks average $5 million to $15 million.
Investment Thesis
“Tola invests in the enterprise layer of AI: the applications, data infrastructure, security, governance and developer tools that let large organizations adopt AI in production. It favors technical founders selling to enterprise buyers and writes $1M to $4M seed checks and $5M to $15M Series A and B checks.”
Sector Focus
Investment Stage
Notable Portfolio Companies
View full portfolio →Key Team (8)
Sheila Gulati
Managing Director
Aaron Fleishman
Partner
Akshay Bhushan
Partner
Tashi Schmidt
CFO and Partner
Stacey Giard
Venture Partner
Phil Sorgen
Venture Partner
Karolin Beck
Venture Partner
Vahé Torossian
Venture Partner
Fund History (1 fund)
| Fund | Vintage | Size | Status |
|---|---|---|---|
| Tola Capital III, LP | 2023 | $230M | Investing |
Fund History
Tola has raised three funds totaling $688 million. Fund III, Tola Capital III, LP, closed at $230 million in November 2023 and targets 25 to 30 seed and early-stage enterprise AI companies.
Investment Timeline (3 deals)
2026
StarLifter
Seed$11.5M2025
Tana
Series A$14M2022
Klarity
Series A$18MFrequently Asked Questions
What stage does Tola Capital invest at?
Tola Capital primarily invests at the Seed, Series A, Series B+ stages. This means they focus on companies that are building their initial product and finding product-market fit.
Where is Tola Capital located?
Tola Capital is headquartered in Seattle, WA. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does Tola Capital focus on?
Tola Capital focuses on investments in AI, Enterprise, SaaS, Cybersecurity, DevTools. Their portfolio reflects deep expertise and networks within these sectors.
What is Tola Capital's typical check size?
Tola Capital's typical investment check size ranges from $1M to $15M. Actual amounts may vary based on the stage, sector, and specific opportunity.
How much does Tola Capital have under management?
Tola Capital manages approximately $688M raised across three funds (Nov 2023) in assets under management (AUM) across their funds.
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